SOX/COSO II
The Sarbanes-Oxley Act of 2002 (SOX) requires public corporations to maintain tight corporate governance and internal controls in an effort to boost the integrity of financial reporting. Faced with a barrage of regulatory compliance requirements, many organizations are struggling to efficiently manage compliance mandates, particularly with constrained budgets and limited personnel resources. Additionally, new corporate governance frameworks have surfaced, such as Committee of Sponsoring Organizations of the Treadway Commission (COSO) II, urging organizations to implement an integrated risk management strategy to meet compliance requirements and monitor, detect, and address financial controls risk.
Under pressure to adhere to an array of financial control regulations and frameworks, managing regulatory compliance and enterprise risk with separate point solutions is no longer a viable option. In order to easily track evolving regulations, provide up-to-date reports on compliance status, ensure internal controls are applied across the organization, and reduce the cost of compliance and risk-related activities, organizations need to combine governance, risk, and compliance (GRC) management, processes, assurance, and reporting under one umbrella.
NeoGRC SOX and COSO II Framework
Neohapsis’ powerful internal controls and risk management framework – built on top of the powerful NEOS™ modeling engine – provides the underlying platform that allows organizations to make enterprise-wide GRC a reality. Neohapsis enables organizations to address financial controls requirements head on, while providing a single system of record with which to implement COSO II guidelines and maintain compliance with other regulations, such as the Health Insurance Portability and Accountability Act (HIPAA), North American Electric Reliability Corporation standards (NERC), International Organization for Standardization (ISO) standards, Payment Card Industry Data Security Standard (PCI DSS), and many more.
The NeoGRC SOX/COSO II framework provides the ability to:
- Significantly reduce time and effort by automating the compliance process
- Reduce inefficiencies in coverage-based models by better understanding risk exposure
- Focus limited resources in high exposure areas by better understanding associated cause and effect
- Attest to financial statement amounts with better understanding of exposure
- Avoid the risk of material misstatement and resulting impact on valuation
- Share results with various stakeholders to promote transparency
